- Prop Trader Edge
- Posts
- Trading Tip💡 95% of People Suck at Trading. Here’s What to Do
Trading Tip💡 95% of People Suck at Trading. Here’s What to Do
get tips to pass your prop firm challenges
Prop Trader Edge
June 29, 2024
Hey Prop Traders, here’s are some valuable tips, terms explained and prop firm news for June 29, 2024
🗞️ TODAY’S PROP TRADING INDUSTRY NEWS
✂️ LATEST PROP FIRM DISCOUNT PROMOTIONS
Axi Select First FREE Funded Trader Program
APEX Trader Funding Save 80% Off Evals
Funding Traders - 20% Off Eval
The5ers 5% Exclusive Discount
MyFundedFutures 20% OFF ALL Evals
MyFundedFX 10% OFF ALL Plans
📌 PASS THE PROP TRADING TIP
95% of People Suck at Trading. Here’s What to Do
95% of People Suck at Trading. Here’s a framework for better trading behavior👇
1. FOCUS ON ONE STRATEGY
✔️ Understand strategy inside & out
✔️ Know what time frames it works with
✔️ Know what instruments it works on
✔️ Don't get emotional with losses
✔️ Don't get emotional with wins
✔️ Focus on the strategy's odd
2. FOLLOW, DONT FADE MARKET SENTIMENT
You'll have more stress-free results by:
✔️ Buying in bull ⬆️ markets
✔️ Selling in bear 🔻 markets
✔️ Risk ON = look to buy
✔️ Risk OFF = look to sell
3. HAVE A TRADING GOAL 🎯
✔️ Everyone's goal is to make money
✔️ Quantifying what that means will help you stay focused on making & keeping your profits.
✔️ When you have a goal (like $200 a day), you focus on achieving it and then protecting it, growing it bit by bit
4. LESS IS MORE
✔️ Don't be tempted
✔️ Keep disciplined
✔️ Trade only when you have a setup
✔️ You'll be more profitable this way
🔥 TRADING TIPS
📈 TRADER PSYCHOLOGY
How to Succeed in Trading by Failing Well
Have you ever had to write an important sales letter 📄, a vital business presentation 🖥️, or maybe even a eulogy for a loved one 🕊️? How many drafts do you think you did?
Bill Maher, who has been a comedian for decades 🎤 with a weekly HBO show 📺 , says that to this day he often does twenty rewrites for his signature 5-minute monologue 📝 at the end of every show.
How about golf? ⛳ Or tennis? 🎾 Or basketball? 🏀 How many putts, strokes, or shots have you taken in your life just to achieve a modicum of mastery?
Now imagine if we thought of every rewrite ✍️, every missed putt 🏌️, every double fault 🎾 as a stop-out trade. How many of us would achieve anything in life?
All human errors are basically mistakes in judgment or execution 🤔, and all of us understand that we need to practice over and over again before we can achieve even a small measure of control. But trading is different. It’s the one activity most people quit within three months of trying 😕. People will play golf badly their whole lives 🏌️. People will practice singing 🎤 or dancing 💃 for years. People will become obsessed with barbecue 🍖 to the point of spending a small fortune 💰 on smoking equipment to produce a piece of meat they could easily buy for a few bucks from a restaurant.
But trading is different.
Why? 🤔
A few reasons, but one of the most underappreciated ones is that trading, despite its solitary reputation, is fundamentally a very public activity 🌐. There is no practice stage for trading. If you are trading futures, for example, your first trade is made on the Chicago Mercantile Exchange 🏛️ against literally the smartest people in the world 🌍. Imagine if you wanted to learn singing and your first lesson consisted of getting up in front of a sold-out crowd at Madison Square Garden 🎤 competing against the cast of Hamilton 🎭.
How many people would succeed under those conditions? How many people would quit after three months of humiliation? Pretty much 90%—which are the stats in trading 📉.
The other reason that trading is different is that the cost of failure is so much more acute 💔. Imagine if every time you missed a serve in tennis 🎾, a putt in golf ⛳, or misspelled a word in your report 📝, someone took out a whip and gave you a couple of lashings. How motivated would you be to try again? 😣
That’s pretty much what the market does to you every time you get stopped out 📉. Maybe the physical pain isn’t the same, but the psychological sense of humiliation and rage are identical 😠. And of course, the bigger the loss, the more vicious the whipping.
So ironically enough, the only way to make progress in trading is to accept that you will fail miserably every step of the way and enjoy it for all it's worth 🎢. You are in front of a big crowd at MSG and you can’t sing? Who cares? Tell them a joke, read a poem, tell them a story—find a niche that plays to your strength 🎭. You may bomb once, twice, twenty times, but eventually, you will find something that resonates, and by that time, you will be a veteran at performing in front of the biggest, most important crowd in the world 🌟.
Next, you need to make the punishment less painful. Turn a whipping into just a mild pinch by trading smaller 📊.
⚡ PROP FIRM FEATURE
SPONSORED BY AXI SELECT
TRADE PROP WITH REAL FUNDS, LIVE ACCOUNTS
✅ Designed to Help Prop Traders Succeed
✅ A Broker
✅ First 100% Free Funded Trader Program
✅ No Demo or Virtual Funds. Live Accounts, Real Funds
✅ No Registration or Monthly Fees
✅ Earn Up to 90% of Profits
✅ Trade up to USD $1 Million
✅ You Can Trade the $500 Broker Account Deposit & Withdraw
✅ Unrestrictive Trading Conditions, EAs & News Trading Welcome
TRADE PROP WITH REAL FUNDS AXI SELECT
📋 PROP FIRMS BY TRUST PILOT SCORES
Axi Select (Global Broker Prop Offering)
The5ers (4.8 ❇️ Trustpilot)
FTMO (4.8 ❇️ Trustpilot)
Apex Trader Funding ATF (4.8 ❇️ Trustpilot)
E8 Markets (4.6 ❇️ Trustpilot)
SPONSORED BY AXI SELECT
TRADE PROP WITH REAL FUNDS, LIVE ACCOUNTS
✅ Designed to Help Prop Traders Succeed
✅ First 100% Free Funded Trader Program
✅ No Demo or Virtual Funds. Live Accounts, Real Funds
✅ No Registration or Monthly Fees
✅ Earn Up to 90% of Profits
✅ Trade up to USD $1 Million
✅ You Can Trade the $500 Broker Account Deposit & Withdraw
✅ Unrestrictive Trading Conditions, EAs & News Trading Welcome
TRADE PROP WITH REAL FUNDS AT AXI SELECT
Want to advertise with us? Get in touch